BitMEX analysts predicted bitcoin recovery in early 2023
The experts’ assumption is based on an analysis of changes in the market value to realized value ratio during previous bear cycles
15.07.2022 - 13:55
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What’s new? Representatives of crypto exchange BitMEX believe that the bitcoin rate will begin to recover in early 2023. The experts’ assumption is based on an analysis of changes in the market value to realized value (MVRV) ratio of the asset during previous bear cycles.
Prediction details. BitMEX noted that during the previous three key bear cycles (excluding March 2020), the bitcoin price was below realized value for an average of 244 days. Currently, the asset has been below its realized value for less than 30 days, from which experts conclude that bitcoin is in the early stages of a bear cycle.
As of July 15, 14:35 UTC, bitcoin is trading at $20 974, having gained 6,04% in 24 hours, according to Binance.
In late June, Changpeng Zhao, CEO of the cryptocurrency exchange Binance, noted that bitcoin would take “a few months or a couple of years” to recover to its all-time high (ATH).
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